How to Rate a University’s Value Proposition
Universities are no different than any other service trying to market itself. Higher education continuously seeks to market their degrees by showing the benefit of earning them with that particular school.
Colleges have found them in a position where they have to develop positive student perceptions in spite of rising costs in obtaining a degree. Students want to earn degrees from schools that offer respected diplomas. These three strategies show how to rate a university’s value proposition.
How well does the school’s marketing funnel work?
Good marketing strategy is based on using a funnel to attract potential consumers and convert them to clients.
Universities begin by casting a wide net for interested students. These students become applicants, and from there, the school can measure their progress toward creating conversions by the number of applications completed, how many students were accepted, and the number who decided to matriculate.
Staying in school can be harder than getting accepted, making freshman-to-sophomore retention rate an integral part of a school’s value proposition. It’s critical to find out why students are leaving higher education before their sophomore year.
Freshman who perceive that their freshman courses have little value will likely leave the institution and enroll in a different school or leave higher education altogether.
Return on investment
After spending four to six years earning a bachelor’s degree, students want to know the return on their investment (ROI). They want to get the best bang for the buck, and with good reason since tuition costs are continuously rising.
One of the most common ways to determine ROI is to compare the cost of tuition against median earning power for university graduates.
More than facts
Creating a value proposition should be about data, and universities generate plenty of big data they can use in analyzing their marketing success. Facts, however, do not always support student and community perception.
Colleges with the best value proposition are also the ones who can best meet their students’ needs. For some enrollees, that means financial aid. For other students, the value proposition may come in the form of personalized learning experiences or bespoke degree plans that will set them apart from other graduates.
Ultimately, students want a degree from a respected university; often the value of that degree is deeply personal.
Attention to building the right value proposition can help universities meet those goals for the degree candidates.